南芯科技：淡季不淡，一季度业绩持续增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [5][21]. Core Insights - In Q1 2024, the company achieved operating revenue of 602 million yuan, a year-on-year increase of 110.68% and a quarter-on-quarter increase of 4.75%. The net profit attributable to the parent company was 101 million yuan, reflecting a year-on-year increase of 224.79% and a quarter-on-quarter increase of 23.91%. The non-recurring net profit was 100 million yuan, with a year-on-year increase of 226.69% and a quarter-on-quarter increase of 32.80%. The gross profit margin was 42.57%, up 1.34 percentage points year-on-year and 0.04 percentage points quarter-on-quarter. The company's performance in the off-season was strong, benefiting from recovering demand and continuous client orders [5][20]. Summary by Sections Financial Performance - In Q1 2024, the company reported operating revenue of 602 million yuan, a year-on-year increase of 110.68% and a quarter-on-quarter increase of 4.75%. The net profit attributable to the parent company was 101 million yuan, a year-on-year increase of 224.79% and a quarter-on-quarter increase of 23.91%. The non-recurring net profit was 100 million yuan, with a year-on-year increase of 226.69% and a quarter-on-quarter increase of 32.80%. The gross profit margin was 42.57%, up 1.34 percentage points year-on-year and 0.04 percentage points quarter-on-quarter [5][20]. Business Development - The company is a leader in the charge pump industry, expanding its product offerings to provide comprehensive solutions. It has developed a range of power management products, including general charging management chips, DC-DC converters, charging protocol chips, wireless charging management chips, AC-DC chips, and lithium battery management chips. The client base primarily includes mobile phone brands, and the company is also expanding into consumer electronics, industrial, and automotive sectors, indicating long-term growth potential [6][20]. Research and Development - The company places a strong emphasis on research and development, with R&D expenses in Q1 2024 amounting to 90 million yuan, a year-on-year increase of 58.56%. The R&D expense ratio was 14.92%. As of the end of 2023, the company had 378 R&D personnel, accounting for 65.40% of its workforce. In 2023, the company obtained 29 new authorized invention patents and developed seven core self-research technologies, which have been successfully applied to products [20]. Profit Forecast - The company is expected to achieve net profits attributable to the parent company of 363 million yuan, 519 million yuan, and 692 million yuan for the years 2024, 2025, and 2026, respectively. The corresponding earnings per share (EPS) are projected to be 0.86 yuan, 1.23 yuan, and 1.63 yuan [21].